Leading international law firm Baker McKenzie has advised the Olayan Financing Company (“OFC”), on the acquisition of a 24.5% stake in ICD Brookfield Place (ICDBP), the region's premier lifestyle and business location within the Dubai International Financial Centre (DIFC). As part of the transaction, OFC alongside Lunate, an ADQ backed alternative investment manager, will acquire a combined equity interest of 49% in ICDBP from the Investment Corporation of Dubai (ICD) and global investment firm Brookfield.

The landmark transaction represents the largest institutional third-party single asset real estate transaction in the UAE and one of the largest commercial real estate transactions globally since 2020.

Reflecting on the significance of the transaction, Corporate and M&A partner, Mohammad Al Rasheed, stated: “Acting on this milestone acquisition underscores our Firm's expertise in delivering exceptional and comprehensive legal solutions on cross-border transactions in the region." 

Further, Corporate and M&A partner, Marcos Spanos, who lead the negotiations on the transaction commented: "We are delighted to have so successfully leveraged our expertise to support our client on this one of a kind corporate-real estate transaction and it was a pleasure to work with such a collaborative group of fellow advisors."

Keri Watkins, Co-Head of Baker McKenzie's Real Estate and Hospitality Practice Group in the Middle East,  added: "The ICD Brookfield Place has set a benchmark for real estate excellence in the UAE and the Middle East region, and we are honored to have played a role on this landmark transaction."

The Baker McKenzie cross-border and cross-practice team included lawyers from the Firm's offices in Riyadh and Dubai. The team included:

  • Corporate: Mohammad Al Rasheed (Partner), Marcos Spanos (Partner), Haya Massoud (Senior Associate) and Neda Bahador (Associate) 
  • Real Estate:  Keri Watkins (Partner), Amir Ali (Senior Associate), Tessa Crawford (Associate) and Jana Al-Afoo (Associate)
  • Banking and Finance: Chaya Gupta (Senior Associate)
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